REGISTERED NUMBER: SC011277

JAMES RAMSAY (GLASGOW) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Strategic Report

1

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

The directors present their strategic report for the year ended 31 March 2025.

OVERVIEW

The results for the year and financial position of the company are shown in the annexed financial statements. We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

The principal activity of the business is to provide reliable solutions for industrial and commercial heating, pipework and process systems.

REVIEW OF BUSINESS

Our objective is to grow a sustainable business that is founded on meeting the needs of our customers and employees. We continued to make progress on this during the year - supporting our customers with installation, maintenance, upgrades and repairs; whilst focussing on the health, safety and well-being of our people.

The strong demand for our products and services resulted in growth of over 20% in the year ended 31 March 2025, with turnover increasing from £13.2m to £16.1m. During the year we continued to focus on specialist M&E work including steam, renewables, and industrial process systems and invested significantly across people, systems and infrastructure to support further growth. Profit before taxation increased from £1.6m to £1.8m in the period.

FINANCIAL KEY PERFORMANCE INDICATORS

2025

2024

Turnover

16,056,742

13,282,404

Profit before tax

1,829,593

1,568,908

Current ratio

1.84

2.17

Net assets

3,758,736

3,220,579

FUTURE DEVELOPMENTS

The specialist nature of our work has resulted in partnerships with some of the leading equipment manufacturers in the UK. This in turn has led to an expansion in our geographic reach with several projects across the UK.

Post year end, we have continued to invest in the business with a move to larger premises, a rebrand and the continued development of our management team and structure. We have also invested heavily in the development of our broader James Ramsay team and believe this is crucial to providing good opportunities for our colleagues and outstanding service for our customers.

As a result, we expect to deliver further growth in both turnover and profitability in the year to March 2026 and the directors are confident that the company will continue to make progress against its strategic objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

Economic and political uncertainties

The company's performance may be affected by general economic conditions and other financial and political factors outside the company's control. A change in market conditions, such as an economic slowdown or significant political uncertainty, either nationally or globally, may result in reduced demand for our products and services and thus impact on the company's financial performance. The company has a number of controls and plans to mitigate such risks including regular reviews of the sales pipeline, focus on spread of the customer base and diversification of sector exposure.

Supply Chain Risk

There is a risk of disruption to supply of imports of products and materials, cost, inflation and delivery delays. This is controlled through strong partnerships with a range of suppliers to ensure supply is met, costs are minimised and alternatives are available.The company has adopted the disclosure and presentational requirements of FRS102. When a financial asset or liability is disclosed initially, it is measured at its fair value plus or minus transaction costs. The company regularly monitors its exposure to risks including credit, cash flow, foreign currency and interest rate risks.

FINANCIAL INSTRUMENTS

Credit Risk

The Company monitors credit risk closely and considers that the current policy of credit checking all new clients and monitoring existing clients' credit ratings through its third party credit rating facility manages exposure to credit risk. Receivable balances are monitored on an ongoing basis and provision made for doubtful debts as appropriate.

Cash Flow Risk

The Company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of its growing business. The directors retain significant cash balances in the business and aim to generate an inflow of funds that will be adequate to finance normal trading requirements to manage liquidity risks. At the time of reporting the financial projections show that the Company is expected to have sufficient liquidity resources to meet its obligations under reasonably expected circumstances.

Foreign Currency Risk

The Company has no exposure to foreign currency risk at the time of reporting as it does not trade internationally or in any currency other than Pound Sterling.

Interest Rate Risk

The Company assesses its position in respect of interest rate risk however is not currently exposed to this risk being in an in-funds position with no borrowings affected by interest rate fluctuations.

The directors routinely monitor all risks and uncertainties and appropriate action is taken to mitigate these risks.

The company's deposits are all in place with major UK financial institutions which are regulated by the Financial Conduct Authority.

ON BEHALF OF THE BOARD:

C B Gilmour - Director

5 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of industrial heating and pipework services.

DIVIDENDS

An interim dividend of £600,000, being £300 per share was paid on 20 June 2024. A final dividend of £280,000, being £140 per share was paid on 31 March 2025.

The total distribution of dividends for the year ended 31 March 2025 will be £880,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

B A Aitken

I A J Buchan

I J Mathieson

J S Pirrie

J M Pirrie

J Shepherd

G Shepherd

C B Gilmour

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of financial instruments and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Following a corporate merger, our previous auditors, Martin Aitken & Co Ltd, became Armstrong Watson Audit Limited. A resolution to re-appoint Armstrong Watson Audit Limited as auditor will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C B Gilmour - Director

5 December 2025

Opinion

We have audited the financial statements of James Ramsay (Glasgow) Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge of the industry sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FRS102 and tax legislation. We also considered those laws and regulations having an indirect impact but nonetheless significant, including GDPR, anti-bribery, employment, environmental and health and safety legislation; and

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining

an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential claims and litigation; and

-

reviewing correspondence with HMRC and the company's legal advisers.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark McRae CA (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

5 December 2025

TURNOVER

3

16,056,742

13,282,404

Cost of sales

(11,116,187

)

(9,218,201

)

GROSS PROFIT

4,940,555

4,064,203

Administrative expenses

(3,182,038

)

(2,554,873

)

1,758,517

1,509,330

Other operating income

16,378

43,770

OPERATING PROFIT

5

1,774,895

1,553,100

Interest receivable and similar income

54,698

15,808

PROFIT BEFORE TAXATION

1,829,593

1,568,908

Tax on profit

6

(411,436

)

(296,088

)

PROFIT FOR THE FINANCIAL YEAR

1,418,157

1,272,820

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,418,157

1,272,820

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

213,252

111,851

213,252

111,851

CURRENT ASSETS

Stocks

10

102,608

160,182

Debtors

11

4,318,437

3,772,504

Cash at bank and in hand

3,294,192

1,886,798

7,715,237

5,819,484

CREDITORS

Amounts falling due within one year

12

4,137,313

2,685,699

NET CURRENT ASSETS

3,577,924

3,133,785

TOTAL ASSETS LESS CURRENT LIABILITIES

3,791,176

3,245,636

PROVISIONS FOR LIABILITIES

14

32,440

25,057

NET ASSETS

3,758,736

3,220,579

CAPITAL AND RESERVES

Called up share capital

15

2,000

2,000

Retained earnings

16

3,756,736

3,218,579

SHAREHOLDERS' FUNDS

3,758,736

3,220,579

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

C B Gilmour - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2,000

2,725,759

2,727,759

Changes in equity

Dividends

-

(780,000

)

(780,000

)

Total comprehensive income

-

1,272,820

1,272,820

Balance at 31 March 2024

2,000

3,218,579

3,220,579

Changes in equity

Dividends

-

(880,000

)

(880,000

)

Total comprehensive income

-

1,418,157

1,418,157

Balance at 31 March 2025

2,000

3,756,736

3,758,736

Cash flows from operating activities

Cash generated from operations

1

2,668,337

1,137,995

Tax paid

(296,938

)

(256,399

)

Net cash from operating activities

2,371,399

881,596

Cash flows from investing activities

Purchase of tangible fixed assets

(149,168

)

(32,286

)

Interest received

54,698

15,808

Net cash from investing activities

(94,470

)

(16,478

)

Cash flows from financing activities

Inter company loan movements

10,465

(172,722

)

Equity dividends paid

(880,000

)

(780,000

)

Net cash from financing activities

(869,535

)

(952,722

)

Increase/(decrease) in cash and cash equivalents

1,407,394

(87,604

)

Cash and cash equivalents at beginning of year

2

1,886,798

1,974,402

Cash and cash equivalents at end of year

2

3,294,192

1,886,798

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,829,593

1,568,908

Depreciation charges

47,529

35,579

Loss on disposal of fixed assets

238

-

Finance income

(54,698

)

(15,808

)

1,822,662

1,588,679

Decrease in stocks

57,574

96,634

Increase in trade and other debtors

(641,929

)

(263,563

)

Increase/(decrease) in trade and other creditors

1,430,030

(283,755

)

Cash generated from operations

2,668,337

1,137,995

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

3,294,192

1,886,798

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,886,798

1,974,402

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

1,886,798

1,407,394

3,294,192

1,886,798

1,407,394

3,294,192

Total

1,886,798

1,407,394

3,294,192

1.	STATUTORY INFORMATION

James Ramsay (Glasgow) Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 100 Summerlee Street, Glasgow, Scotland, G33 4DB.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Going concern

The current and future financial position of the company, including its cash flows and liquidity, have been considered by the directors.

Following their review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider that there are no such significant judgements.

In addition, in the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing these financial statements, the directors have made the following estimates:

- The company estimates the outcome of its service contracts. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Estimates of total contract costs are based on management's detailed budgets and projections. Where management judge the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenues from contracts for the provision of installation services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Tangible fixed assets are included in the balance sheet at cost less accumulated depreciation and accumulated impairment losses.

The capitalisation policy is a minimum spend of £200.

Impairment of tangible fixed assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured initially, and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit and loss account.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown withing borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation for the period takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as a part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

All turnover is derived in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,504,828

3,627,157

Social security costs

498,966

399,030

Other pension costs

89,512

79,185

5,093,306

4,105,372

The average number of employees during the year was as follows:

2025

2024

Directors

4

4

Direct labour

63

60

Administration

21

17

88

81

2025

2024

£

£

Directors' remuneration

370,635

298,734

Directors' pension contributions to money purchase schemes

5,283

8,806

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

114,198

85,500

Pension contributions to money purchase schemes

1,321

2,201

The remuneration (including salaries, employer national insurance contributions and pension contributions) of Key Management Personnel being the Board of Directors, the Business Director and the Estimating Director amounted to £608,136 (2024: £418,202).

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

41,685

23,233

Other operating leases

33,500

33,500

Depreciation - owned assets

47,529

35,579

Loss on disposal of fixed assets

238

-

Auditors' remuneration

20,000

14,700

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

400,880

322,519

Under/(over) provision in prior year

3,173

(25,996

)

Total current tax

404,053

296,523

Deferred tax

7,383

(435

)

Tax on profit

411,436

296,088

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,829,593

1,568,908

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

457,398

392,227

Effects of:

Expenses not deductible for tax purposes

17,790

12,310

Capital allowances in excess of depreciation

(4,739

)

-

Depreciation in excess of capital allowances

-

705

Adjustments to tax charge in respect of previous periods

3,173

(25,996

)

Deferred tax movement

7,383

(435

)

Group relief received

(69,569

)

(82,723

)

Total tax charge

411,436

296,088

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

880,000

780,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

10,000

AMORTISATION

At 1 April 2024

and 31 March 2025

10,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-